Unicorn Asset Management

Unicorn Asset Management is looking to strengthen its core UK equity offering by renaming one fund, preparing a new launch for John McClure and hiring two new team members.

The IMA has said it will ensure the UK Equity Income sector does not become "unrepresentative" as other funds look set to follow Invesco Perpetual High Income out of the peer group.

Investors have sunk nearly £35bn into underperforming funds, with Fidelity the worst offender by number of products, according to Chelsea Financial Services.

The managers of the top-performing Unicorn UK Income fund are selling down small- and mid-cap companies in favour of larger firms in a move away from its traditional hunting ground.

A large proportion of funds in the IMA UK Smaller Companies sector have failed to produce alpha over the long term, amid a strong rally in small-cap stocks.

Unicorn Asset Management has promoted two members of its investment team to co-manage its flagship £534m Unicorn UK Income fund.

ON UK INCOME

ON TRUSTS

Multi-asset managers have been forced to move into specialist vehicles or even switch to open-ended funds as the number of closed-ended vehicles trading on a premium to NAV hits a post-crisis high.

UK businesses from across the cap scale are still flourishing despite the struggling macroeconomic environment, according to Chris Hutchinson, co-manager of the Unicorn Outstanding British Companies fund.